China will import soybeans from Tanzania

China will import soybeans from Tanzania

“The world’s largest soybean importing country is opening its market to Tanzania”, Hong Kong’s South China Morning Post stated on October 29 that China and Tanzania reached an agricultural agreement this week. China will start importing Tanzanian soybeans in order to seek changes in the United States and Tanzania. Dependence on soybean suppliers such as Brazil.

It is reported that China’s imports from Africa are still dominated by natural resources such as oil and copper. Tanzania is the latest African country to sign an agricultural export agreement with China. Countries that have previously signed such agreements include Kenya, which mainly exports avocados, tea, coffee and roses to China, Ethiopia which exports coffee and soybeans, and Namibia which exports beef, and Botswana, South Africa and Rwanda.

China Customs data shows that China purchased 9.79 million tons of soybeans last month, a year-on-year increase of 19%. According to data from S&P Global Platts, nearly three-quarters of them are from Brazil, the world’s largest soybean producer and exporter, and 12% are from the United States. The number of soybeans China imported from Brazil that month increased by 51.4% compared to the same period in 2019.

China needs to import more than 100 million tons of grain each year, of which soybeans account for more than 9,000 tons. Most of China’s imports of soybeans come from Brazil, the United States and Argentina. In Africa, Ethiopia exports soybeans to China, but only a small part of China’s total imports. Other soybean-growing countries in Africa include South Africa, Nigeria and Zambia.